Industrial Development Board approves tax break for South Market District

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Industrial Development Board approves tax break for South Market District

The Industrial Development Board of New Orleans unanimously approved plans Wednesday for a 10-year payment in lieu of taxes for the proposed South Market District apartment and retail project near the future Loyola Avenue streetcar line.

IDB president Walter Flower said the project would bring much-needed shopping options to New Orleans and help spur development between the Hyatt Regency and the new downtown Rouses. "The existence of this project will be a terrific catalyst for Loyola Avenue, " he said.

The developer, the Domain Cos., hopes to bring shops, restaurants and apartments to a sea of parking lots downtown in two phases.

The first phase, a $90.6 million project that was the subject of Wednesday's IDB meeting, would bring 195 apartment units, 67,200 square feet of retail space and a garage with 435 parking spaces to two parcels of land between South Rampart, Lafayette, Baronne and Girod streets.

A second phase would bring 364 apartments, another 111,000 square feet of retail space and another parking garage to the area.